I think it is a lot more complicated that just that. The root cause here is there is no easy way to quantify one's contribution to the company (or even a team)

I think it is a lot more complicated that just that. The root cause here is there is no easy way to quantify one's contribution to the company (or even a team) in software development. Some other professions are easier to evaluate, e.g. stock traders have their own P/L, lawyers/doctors have their own customer billings, etc. Note that I said "easier", but not necessarily bullet proof, because it still encourages people to optimize for short term goals.